Find the interest rate on a loan charging $855 simple interest on a principal of $3750 after 6 years.

3.8%

Step-by-step explanation:

Simple interest formula is I=P*R*T

where:

I=interest

P=principal

R=rate

T=time.

So let's plug in our information we are given:

I=855

P=3750

T=6

R=?.

The equation becomes 855=3750*R*6.

Multiplication is commutative so we could write this as 3750*6*R=855.

After the multiplication of 3750 and 6 we obtain 22500*R=855.

Now we just divide both sides by 22500. This will give us:

R=855/22500 which when entered into the calculator as 855 division sign 22500 gives us 0.038 or 3.8%.